Unit 9: Entrepreneurial Ventures - Scope, Traits, and Mindset

This report investigates the scope of entrepreneurial ventures, exploring the traits and characteristics associated with entrepreneurship, the entrepreneurial mindset, and the skills required for success. It examines different types of ventures across industrial, agricultural, service, and rural sectors, highlighting the importance of risk-taking, innovation, passion, confidence, and visionary leadership. The report also discusses the impact of micro and small business ventures on the economy at various levels and differentiates between public and corporate intrapreneurship, emphasizing the need for a positive mental attitude, creative thinking, persuasive communication, intrinsic motivation, and perseverance. The analysis shows that entrepreneurial ventures are crucial for economic development, job creation, and societal improvement. Desklib offers a range of study tools and resources, including past papers and solved assignments, to support students in understanding and mastering these concepts.

Entrepreneurial
Ventures

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
P1: Investigate the scope of entrepreneurial ventures............................................................3
P2: Traits and characteristics associated with entrepreneurship............................................5
P3: Entrepreneurial mindset...................................................................................................6
P4: Skills and characteristics associated with an entrepreneurial mindset.............................6
P5: Micro and small business ventures impact the economy at different levels....................8
P6: Differences and similarities between public and corporate intrapreneurship..................9
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneur and their Entrepreneurship venture can be thought of as National Asset to
be refined, motivated and provided access to resources as they play a crucial role and provide a
contributory growth in expansion of economy. A general understanding considers a small
enterprise and entrepreneurial venture as same concept, however, an entrepreneurial venture is a
wide concept having more complex and strategical decision making. Entrepreneurial venture
occurs when business adopts innovation and creativity in process and product/service
development. These practices are undertaken with an intent to create a successful business model
having high net-worth. Entrepreneur change the way people live and work, and if successful it
improves the standard of living by wealth and job creation (Brush, Edelman, Manolova, 2019). A
region with higher number of entrepreneurs experiences greater productivity than regions with
less number of entrepreneurs. Additionally, the cascading effect as a result of more
entrepreneurship's created better National Income in form of higher tax revenues and higher
spendings by government. This report will deep venture in traits and characteristics of
entrepreneurship and what entrepreneur mindset is required to create a successful business
venture.
MAIN BODY
P1: Investigate the scope of entrepreneurial ventures
An Entrepreneur is an individual that initiates a business and keep himself associated
with the business. In another words, entrepreneur is anyone who launches and continues to run
their own company. Exploring such entrepreneurial mindset is impossible without understanding
the different venture types and their characteristics. The scope of ventures depends on factors
such as size, geographical location, product type, area of operation, etc. Such small-scale
businesses have vast scope for growth. Further on analysis of success factors an entrepreneur
engaged in selling services have an excellent growth opportunities rather than one selling
products (Frieyandi, 2021).
The most comprehensive classification based on distinguishing factors recognises four types of
ventures:

1. Industrial Sector: Being a small-scale business puts such business in a prominent place
in an industry due to the reason that development of small-scale are increment in support
to National GDP, creation of employment opportunities and development of
entrepreneurial capabilities and skills (Ghura and Erkut, 2022). The entrepreneur gets
better result if the size of the business is small and limited. For example: a successful
drone startup company known as Hummingbird Technologies develops drones for use in
specific industries.
2. Agriculture and Associated Industrial sector: There lies a huge scope for
entrepreneurial movement in agriculture sector. This can be achieved in two ways: first
by the individual engaged in cultivation and harvesting of the crop moves up in vertical
linkage of the supply chain and process the agriculture produce, and second is by creating
the link between agriculture and associated industries where the rural entrepreneurs can
capitalize on opportunities in areas of agriculture and processing. For example: an
community start-up known as GrowUp Urban Farms founded by Kate Hofman produces
Fish, Salads and Herbs for a local London market.
3. Service Sector: The greatest attention area of emerging entrepreneurs is the service
sector. This resulted in faster expansion in this field with entrepreneurs having a focused
strategy to serve a particular set of customers and catering to their specific needs. The
service sector has numerous opportunities, the examples of which are: a chatbot creating
agency, copywriting and editing services, business and life coach, etc.
4. Rural Economy: In the current times the rural economy has an excellent opportunity for
an entrepreneur to start a small-scale business. The opportunities range from investment
on some shop or providing local population access to service currently not available in
the nearest vicinity. This fairly does well as the operating cost are lower and small
business have tremendous opportunities in manufacturing and non-manufacturing
activities. These entrepreneur take small risk but good efforts to create a positive change
in society (Hernández, Yañez-Araque, and Moreno-García, 2020). The exampple of
above would be retail stores, fertilizers and seeds storage units, jute bag making, etc.
P2: Traits and characteristics associated with entrepreneurship
The entrepreneur helps bolster economic development, create jobs, and fosters to need of
individuals by providing them with products and services that can ease their life and make world

a better place. The big idea alone cannot paves path to ultimate entrepreneurial success. Often-
times the success or failure of a business comes down to the characteristics of the entrepreneur
themselves. Anyone can come up with an idea but to meld one big idea into a successful thriving
business need accumulation of certain behavioural traits and skill set.
There are a bunch of characteristics which all aspiring entrepreneurs should cultivate to boost
their odds of success.
1. Must have Ability to take Risk: Setting up a new venture comes with a significant risk
of failure resulting into capital loss. A business success is wonderful, however, the real
growth and change happens in the failure. The entrepreneur must evaluate the success
factors of business with the required capital needs in form of seed capital and subsequent
injection of funds (Lara-Bocanegra, Bohorquez and Garcia-Fernandez, 2021).
2. Innovative Mindset: The whole concept of being an entrepreneur is to bring something
new to the table. This being new product with overall new technological upgradation or
creating an updated version of existing product using innovative process delivering
higher level of satisfaction to the customers or delivering a service specifically targetting
the individuals. In other words, there existed a problem and an entrepreneur delivered the
solution to such a problem which required using innovation and creative skills.
3. Passionate: One thing that leads to all the innovation and risk taking abilities is the
passion of the person venturing into to commensurate and entrepreneurship. Passion leads
to innovation and create possibilities for better future. Whether the offering is a brand
new innovation or a revolutionary change in existing product or service, successful
entrepreneur believes that their offerings are game-changing for many people (Morris and
Tucker, 2021). Another outlook is to convey this passion to others, this way a cumulative
efforts will drive organisation forward to leadership in its segment.
4. Confidence: A must trait for a successful entrepreneur is the positive outlook and
solution finding mindset. Negative thoughts pulls back the efforts made, thus back the
overall progress of the company. Not to mention the managements ability to leads the
staff and provide them direction itself takes a set back. The recipe of success takes
confidence as its principal ingredient. The difficult times calls for demonstrating courage
and keeping cool.

5. Visionary and Leadership Qualities: The business is driven by vision and mission
statements. The vision statement is the reflection of the entrepreneurs mind on papers. Its
shows where the business wants to reach and based on such vision, short-term and long-
term goals are set. Apparently, for a success of business a highly adaptive entrepreneur is
required because if business doesn't adapt, it will struggle to grow. To convert vision into
reality, a sharp instinct and leadership qualities are required. This leadership guides the
employees and resources to the vision and keeps their progress on track.
P3: Entrepreneurial mindset
An entrepreneurial mindset is a set of skills that enables an individual to identify, assess
and make the most of the opportunities on hand. The ability to overcome and learn from setbacks
and succeed in variety of circumstances is part and partial of the process. As per the research, the
entrepreneurial mindset is the ability looked for by the employees. This boost their performance,
gives an educational attainment and skill update which are crucial for creating new business. A
mindset of an individual which indulges him to take entrepreneurial ventures and its related
outcomes (Kwapisz, Schell, Aytes, 2021). This calls for having specific visible attributes such as
open-mindedness, innovation in designing process, creativity in process implementation, and
taking calculated risk.
P4: Skills and characteristics associated with an entrepreneurial mindset
Having an entrepreneurial mindset may determine success or failure. The characteristics
associated with entrepreneurial mindset:
1. A Positive Mental Attitude: The mindset of the head of the company set the working
tone of rest of the company. A positive attitude and outlook will influence a positive
corporate culture. Negative mindset curtails the motion and progress of the company.
There is no escape from the failure and having a positive attitude does not mean being an
ostrich, rather it is about learning how to mentally reframe the response against the issue
in hand. One way to complete it is by looking at a negative situation and actively asking
on how this can be corrected (Putri, 2021).
2. Innovative/Creative Mindset: Even if an entrepreneur is not creative, but for the
success of the venture some sort of creativity is needed. Being an entrepreneur comes
with a perk to show your creativity each and every day. Discovering new innovative
ideas to complete process and implementing them in business comes under a routine

schedule of an entrepreneur. This requires study of current process with techniques such
as time and videography study where each and every action in a process is evaluated as
the worker performs and unnecessary action are eliminated, thus reducing overall time
taken to complete a process.
3. Persuasive Communication Abilities: To persuade others, entrepreneurs must appeal to
interest rather than intellect. The power of persuasion comes in handy at different time-
frames during setting-up and running the business such as negotiate a deal, close the sale,
procuring the inventory at lower prices due to discount factor. In any industry or sector
learning how to communicate and present ideas to the seed capitalist, investors, venture
capitalist will make you a better entrepreneur (Woo, 2018). A reciprocity rule comes
handy in persuasion where simply when a person does you a favour, there must be
provided a favour in return.
4. Intrinsic Motivation and Drive: Drive calls for performance even when the end results
are unknown and undecided. There requires a true passion and determination if you are
venturing into something unorthodox. Entrepreneur are expected to put everything on the
front line and sacrifice everything for their dreams to be achieved. For an entrepreneur, it
is not that he is responsible for own intrinsic motivation, but to cultivate that for the
employees as well. This calls for setting high quality goals which are clear, achievable
and manageable.
5. Perseverance and Ability to Learn from Failure: Starting a business is not a wild
success. A success is wonderful but the real learning and growth comes from failures.
The learning process can be compiled as embracing oneself on mistakes rather than
feeling demotivated and lost. Failure is inevitable, but the perseverance of entrepreneur
and a positive approach is required to make most out of it. In this process of learning
sometimes the best course of action is to change the course itself, even the best projected
plans needs updation due to changed environment (Urbano, Guerrero, Ferreira, 2019).
Some skills connected with entrepreneurial mindset:
1. Leadership: The entire sustenance of entrepreneurship depends upon the leading and
directing abilities of the person in-charge. The significance is on entrepreneur to lead,
guide and support its human capital to efficiently utilize their financial resources. By

deploying focus and commitment from team members under effective leadership, the
corporate vision of entrepreneurship is achieved.
2. Ability to Learn: Although ability to learn is a characteristic trait of entrepreneur
mindset, it is one of the most favourable skill choice which an entrepreneur must own.
High and low are part of the environment in which business operates, but being agile and
not neglecting the failure and learning from them could prove to be the break-through
point in the life-cycle of the business.
3. Business Strategy: The knowledge and application of various strategic tools and
techniques helps in determination of strategic position of business in its industry.
Applying these techniques gives an understanding of market and its own segment of
operations.
4. Money Managers: Being able to manage money is an important characteristic skill of an
entrepreneur. With access to limited resources, it a daily activity to determine where to
apply resources and where to hold it. When on small-scale the management of finance
and accounting is only to be performed by entrepreneur himself. Money management
cannot be ignored as the entire business is standing on efficient utilization of financial
resources (Yodchai, Ly, P.T.M., 2021).
P5: Micro and small business ventures impact the economy at
different levels
Every economy sees a surge in its GDP with well established and laid down micro and
small-scale businesses. Micro and small-scale businesses share a crucial contribution significant
to the economy. Within the UK the number of Micro and small-scale enterprise are increasing at
a potentially good rate. It is identified that there are more than 4.5 million SMEs that are
developed throughout the Europe that is around 99% of all organisations having great
contribution to GDP of UK (Wu, Y.J., Wu, 2020). Among all the corporations, 96% are studied
as micro enterprises which hire only 9 or less than this individuals. Such businesses provide 33%
of occupation while 22% of total turnover. The number of Micro and small enterprise are greater
in number than medium and large-scale enterprises. This results in generation if 48% more
employment-numbers in comparison to large businesses. Further, the small and medium
enterprises are responsible for 37% of the total revenue generation. Small as well as micro
enterprises can be categorised as exporters, innovators, non-innovators including non-exporters.

Such corporations facilitate in generating revenue whether or not they innovate along with the
majority of exported products that receive currency of foreign countries while also contributing
to home economy.
Almost, all larger enterprises operate their business in different nations msking it a
profitable venture to earn the foreign currencie. Such kinds of organisations include a wide
variety of business activities and hire a large number of human resources that makes it
differentiated from other enterprise. The small and medium enterprises focus on assisting
innovative products for the purpose of gaining customer attraction as well as improving the
growth of business. Such organisations export large amount of product and services and also hire
a large number of people into UK businesses that facilitate in restricting the unemployment.
Further due to fiscal issues, the focus of government is to encourage Micro and small enterprise
to hire workers with less income and to upskill them as these are the individuals with restrictive
set of skills in comparison to others. This helps in removing unemployment and create a skilled
force of workers.
P6: Differences and similarities between public and corporate
intrapreneurship
Public Intrapreneurship: Public Intrapreneurship are those leaders within the public sector in
the form of local or national governments or the representatives of the foreign organisations that
harness the authority of social innovation as well as social entrepreneurship for the purpose of
creating public good through regulation, policy or the public initiatives (Cilia, 2018).
Corporate Intrapreneurship: This is a kind of organisation that concentrates on the process of
utilising existing raw materials, natural as well as technological resources. The concept of
Corporate Intrapreneurship is concerned with an organisation who proposes and manages a
business activity within the workplace (Jamadi and Esmaeilpour, 2020).
Difference between Public and Corporate Intrapreneurship:
Public Intrapreneurship Corporate Intrapreneurship
Objectives An individual motivated by power
and achievement undertakes to
set-up one or more public sector
organisation not constrained by
The person requires more freedom
and space to pursue project
without having indulgence in
bureaucracy. The personality traits

profit. The objective is to
undertake purposeful activities to
initiate, maintain and control the
public sector organisation.
would be goal oriented and highly
motivated and highly influenced
by corporate characteristics.
Focus Focus is on betterment of public at
large. Aim is to create value for
citizens by bringing together
unique combination of public and
private resources to exploit social
opportunities. The overall process
focus on learning to use external
forces and guiding them in a
favourable manner to achieve
internal change (Yang, Liao,
2021).
The focus here is innovation.
Focus on innovative activities and
orientations undertaken for
development of new products,
services, technological
development, administrative
techniques and strategies. It has
focus on both internal and external
environment adopting aggressive
and competitive postures.
Innovation It is an entrepreneurial in a way
that they take risk of failure with
an opportunistic bias towards
action and to consciously trying to
evade bureaucracy and politics. It
avoids obstacles put by
bureaucratic and political
involvement and considers
innovation as a priority.
A system which sets order for
innovation and encourages
individual to use creative process
that enables invention of new
technologies that are planned,
deliberate, and with advanced
features. It purposes instigation of
renewal and innovation within that
organization (Reuther, Borodzicz,
Schumann, 2018).
Risk Taking Always takes calculated risk.
However the magnitude of risk is
relatively higher. It takes higher
organizational risk without taking
big personal risk.
The risk might not always be a
calculated one but the magnitude
of risk is moderate. This
recognises risk as organisations
career related rather than financial

and operational risk.
Similarities between Public and Corporate Intrapreneurship:
Public Intrapreneurship Corporate Intrapreneurship
Opportunity Uses every opportunity to
distinguish their public image and
leadership style. Understand the
business well and support
themselves in grabbing every
opportunity for business growth
and development.
Pursues every opportunity
available independent of the
resources they currently control.
They know their resources and
undertakes doing new things and
departing from the customary
practices to pursue opportunities.
Character
and Skills
Self-confident, having high
tolerance for ambiguity with
strong political and managerial
skills
Self-confident, strong self belief
that they can manipulate the
system. Good managerial skills.
CONCLUSION
From above discussion in report, it has been concluded that entrepreneurship is a strategic
activity which enables an individual to provide a solution for an issue in hand and therefore
creating a successful business model out of it. In other words it involves grabbing opportunities
or creating one within business environment. Within this report, the scope of entrepreneurial
venture has been discussed with a few examples. Further, traits as well as characteristics
associated with entrepreneurship has also been mentioned. Moreover, this report talks about the
entrepreneurial mindset as well as traits and characteristics of such entrepreneurial mindset.

REFERENCES
Books and Journals
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of Malta).
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business process innovation strategy and competitive advantage in state owned mining
company (Doctoral dissertation, IPMI Business School).
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